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The 4-Step Guide To A Successful Negotiation

When you’re running a business, you need to build a relationship with the vendor or supplier, so that you can receive goods on time. The same thing goes for many aspects in life. Where there is a demand and supply situation, negotiation comes in very handy. By learning to give and take, you essentially build a rapport with the other party, and that makes things easier in the future. There are benefits for all.

How do you negotiate for a higher salary?

How do you negotiate for a cheaper deal on the TV?

How do you negotiate the duty of laundry between you and your other half?

Everything is negotiable. Whether or not the negotiation is easy is another thing.
– Carrie Fisher

Like the above quote, anything can be negotiable. But the process differs. Is it possible then to achieve a win-win situation for both parties? Yes of course!

Here is a 4 step guide on what you can do to achieve a fair compromise:

Know Your Goals

What is it you want? What exactly does the other party want? What are the priorities? Look at the long-term MUTUAL gains rather than the short-term PERSONAL ones. Look at it as objectively as you can.

Know Your Solutions

What solutions can you come up with for both you and the other party, bearing in mind a win-win situation for both, NOT just for you? Can you bundle something with another? Similarly, can you barter? Keep an open mind to all possibilities and alternatives.

Negotiation Strategies

Once you know the full plan, it’s time to negotiate. During the point of negotiation, remember always to keep cool, especially if you or the other party are prone to outbursts of anger or frustration.

You must offer your trust and co-operation because negotiation requires trust in order to be a success. You don’t have to put all your cards on the table of course. But by putting something out there, something personal, you set a tone that you want to resolve the issue or situation.

In fact, be the first to make the offer, so that you and the other party can work around it.

Be aware of your body language too. Don’t cross your arms at your chest. Don’t raise your voice. Smile to keep the tone light, yet be serious and sincere about the negotiation. If the other party knows you’re willing to negotiate, he will also mirror your body language.

The 4-Step Guide To A Successful Negotiation

The Agreement

Lastly, for a business negotiation, it may be wise to document it at the end of the negotiation process, so that there is no further misunderstanding, and that both parties will honour it.

And there you have it – a successful negotiation!

© LOOMI Group 2016

This article is first published on loomigroup.com

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